Daikanyama retail sold for 4.2 billion Yen
Tokyu REIT has sold the trust beneficiary rights to the Daikanyama Forum retail complex in Shibuya for 4.25 billion Yen (approx. US$39 million). Information on the buyer has not been disclosed, but it is a domestic corporation.
Tokyo Apartment Sales in July 2021
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of July 2021:
Average discount on an apartment sold in 2020
According to Tokyo Kantei, the average percentage discount between the list price and sale price of a second-hand apartment across greater Tokyo reached a 10-year low in the second half of 2020. In other words, discounts are shrinking.
Muji enters house flipping business
Muji House, part of the household accessory brand Muji, has entered the renovate-to-resell market in Japan. They are planning to flip around 100 apartments annually, focused in Tokyo, Kanagawa, Chiba, and Saitama. Their first two "Muji Infill 0" projects are in Fuchi City and Yokohama City. The property search, planning and renovation took the company three years.
Tokyo apartment inventory and sales prices between 2010 and 2021
REINS, which collects sales data reported to their database used by agents across Japan, has published some interesting charts showing movements in the existing apartment market in greater Tokyo between July 2010 and June 2021. This may be useful to readers new to researching the real estate market in Tokyo.
Average asking price of an apartment in Tokyo hits new historic high
The average asking price of a 70 sqm second-hand apartment across greater Tokyo reached 41,140,000 Yen in June, according to Tokyo Kantei. This is the highest level seen since the company began recording data in 2002, and beating a previous high seen in May.
Odakyu to demolish modernist department store in Shinjuku
On July 16, Odakyu Department Store Co., Ltd. announced that they will be closing their Shinjuku Main Store at the end of September 2022. This is to make way for a major redevelopment project on the western side of Shinjuku Station.